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Actually this ramping up and down when the price is profitable is good for utilities who need to keep power supply and demand in check. When electricity is chea
by ancientworldnow 6y ago
Actually this ramping up and down when the price is profitable is good for utilities who need to keep power supply and demand in check. When electricity is cheap to produce, they need demand to go up to balance the grid - sort of the opposite of peaker plants when demand outpaces supply. This is partially why a few electrical companies run their own Bitcoin mining farms.
- xg15 6y agoOr they could invest in storage technologies so that the surplus electricity can be given back when there is excess demand instead of simply vanishing.
- pstrateman 6y agoThe storage costs more than the energy does. It's not worth doing except in places where utility rates are artificially inflated to make it worth doing (CA/NY).
- xg15 6y agoIt's not worth doing this for the energy company with market prices. This doesn't mean it wouldn't be useful for society as a whole if done.